Expats using money transfers to send cash back to the UK, report reveals

British expats living overseas may be using international money transfers to send billions of pounds back to the UK from abroad.

According to the latest research carried out by Institute for Public Policy Research (IPPR), recent developments in foreign currency exchange rates has led to fewer Britons looking to 'retire to the sun'.

The thinktank has reported that, as a direct result of the economic downturn and the related changes in currency values, many older Britons are now returning to the UK for financial reasons.

"[The] Big British emigration boom of the last decade may be over and the days when everyone could dream of a 'place in sun' are disappearing," explained IPPR head of migration Tim Finch.

However, the report also noted that there are still some 5.6 million Britons living abroad, many of whom continue to make use of international money transfers to send cash back to family in their native country.

The Office for National Statistics recently reported that the UK population grew by around 390,000 last year, largely thanks to immigration.

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Posted by Sarah Pitton